Annual Report 2015

VI. Notes to the Cash Flow Statement

The Cash Flow Statement is structured according to cash flows from operating activities, investing activities and financing activities.

28) Cash Flow from Operating Activities

The cash flows from operating activities (net cash) amounted to € 10,228 thousand (2014: € 7,124 thousand) in the past financial year. This includes cash from operating activities amounting to € 12,789 thousand (2014: € 7,740 thousand) as well as interest and income tax received and paid amounting to € -2,561 thousand (2014: € -616 thousand). The change in working capital in 2015 resulted overall in a positive cash flow contribution.

29) Cash Flow from Investing Activities

The cash flows from investing activities comprise cash payments for investments in property, plant and equipment and in intangible assets (property, plant and equipment € 1,267 thousand and intangible assets € 417 thousand) as well as € 49 thousand for the conditional purchase price payment in connection with the acquisition of the KLH companies in 2013. The investment volume for the year under review tallied with the target level for 2015.

30) Cash Flow from Financing Activities

Repayments amounting to € 3,597 thousand on short-term and long-term loans were made during the year under review. In addition the amount of € 2,151 thousand was distributed to shareholders. In connection with the early exercise of the call/put option for the remaining shares in gds Sprachenwelt GmbH, € 345 thousand was paid to the former minority interests.

31) Cash and Cash Equivalents at End of Period

Cash comprises cash on hand and demand deposits. It corresponds to the cash and cash equivalents shown on the Balance Sheet.